Apple India Records Rs 50,000 Cr Revenue in FY23 with 76% Increase in Net Profit

31 Oct, 2023 Author: Ayushee Joshi

Apple India FY23 Results: Sales for Apple’s India division increased 48% to Rs 49,321 crore in 2022-2023—nearly reaching the Rs 50,000 crore revenue milestone. Reportedly, the net profit increased by 76% to Rs 2,229 crore as per regulatory documents. Over the previous five years, this has been the fastest-growing net profit increase of the Cupertino-based company in India. Experts credited the increase to component cost reductions during the most recent fiscal year and a larger proportion of sales coming from new-generation devices, which have greater profit margins.

What’s Next For Apple India?

At the beginning of 2023, Union Minister Piyush Goyal stated that Apple Inc. aimed for India to contribute roughly 25% of its overall output, a major increase from the current 5-7%. Apple reported record sales of over $6 billion in India for the fiscal year ended March 31, underlining the rising importance of the Indian market for the US-based tech juggernaut. Another piece of good news is that Tata Group has stated that it would begin manufacturing iPhones in India for both the Indian market and clients globally, making it the first Indian conglomerate to do so.